Total revenues of $2.9 billion, a 12% increase versus the same period
in the prior year.

Growth was driven by increases in worldwide revenues from the
Company’s multiple sclerosis (MS) and hemophilia businesses.

Foreign exchange negatively impacted total revenues by
approximately $44 million compared to the second quarter of 2015,
driven by changes in hedge results.

GAAP net income attributable to Biogen Inc. of $1.0 billion, a 13%
increase versus the same quarter in the prior year.

GAAP diluted earnings per share (EPS) of $4.79, a 22% increase versus
the same quarter in the prior year.

Non-GAAP net income attributable to Biogen Inc. of $1.1 billion, a 15%
increase versus the same quarter in the prior year.

Non-GAAP diluted EPS of $5.21, a 23% increase versus the same quarter
in the prior year.

(In millions, except per share amounts)

Q2 ‘16

Q1 ‘16

Q2 ‘15

Q2 ‘16 v. Q1 ‘16

Q2 ‘16 v. Q2 ‘15

Total revenues

$

2,894

$

2,727

$

2,592

6%

12%

GAAP net income*

$

1,050

$

971

$

927

8%

13%

GAAP diluted EPS

$

4.79

$

4.43

$

3.93

8%

22%

Non-GAAP net income*

$

1,142

$

1,049

$

995

9%

15%

Non-GAAP diluted EPS

$

5.21

$

4.79

$

4.22

9%

23%

*Net income attributable to Biogen Inc.

A reconciliation of GAAP to Non-GAAP quarterly financial results can be
found in Table 3 at the end of this release.

“During the second quarter we saw solid performance across our
commercial business, as a growing number of patients benefited from our
broad MS portfolio, hemophilia therapies, and recently launched
biosimilar,” said Chief Executive Officer George A. Scangos, Ph.D.
“Revenue strength coupled with thoughtful management of expenses helped
drive healthy earnings growth for the quarter. As a result, we have
raised our financial guidance for the full year. Our Board has also
authorized a $5 billion share repurchase program. We believe this allows
us to return capital to shareholders, while leaving ample room for
strategic flexibility.”

“We also made important progress for patients with the U.S. and E.U.
approvals of ZINBRYTATM and the E.U. approval of FLIXABI®,”
Dr. Scangos continued. “And we are excited about our science and
research as we shape a robust pipeline of novel candidates we believe
could have a significant impact on neurological and related conditions.
We continue to enroll two Phase 3 clinical trials for aducanumab in
early Alzheimer’s disease; our collaboration partner Ionis
Pharmaceuticals has completed enrollment in two Phase 3 studies of
nusinersen in infants and children with spinal muscular atrophy; and we
have announced an innovative gene therapy collaboration with the
University of Pennsylvania focused on potential treatments targeting the
central nervous system.”

Revenue Highlights

(In millions)

Q2 ‘16

Q1 ‘16

Q2 ‘15

Q2 ‘16 v. Q1 ‘16

Q2 ‘16 v. Q2 ‘15

Multiple Sclerosis:

TECFIDERA®

$

987

$

946

$

883

4

%

12

%

Total Interferon

$

728

$

670

$

690

9

%

6

%

AVONEX®

$

606

$

564

$

615

7

%

(2

%)

PLEGRIDY®

$

123

$

106

$

74

16

%

65

%

TYSABRI®

$

497

$

477

$

463

4

%

7

%

FAMPYRATM

$

22

$

20

$

21

7

%

3

%

Hemophilia:

ELOCTATE®

$

125

$

108

$

74

16

%

68

%

ALPROLIX®

$

80

$

75

$

54

7

%

48

%

Other Product Revenues:

FUMADERMTM

$

12

$

11

$

13

4

%

(7

%)

BENEPALI®

$

15

$

2

$

-

NMF

NMF

Total Product Revenues:

$

2,466

$

2,309

$

2,199

7

%

12

%

Anti-CD20 Revenues

$

349

$

329

$

338

6

%

3

%

Other Revenues

$

79

$

88

$

56

(10

%)

42

%

Total Revenues

$

2,894

$

2,727

$

2,592

6

%

12

%

Note: Numbers may not foot due to rounding

Expense Highlights

GAAP cost of sales was $370 million compared to $313 million in the
first quarter of 2016 and $286 million in the second quarter of 2015.

Non-GAAP cost of sales was $354 million compared to $313 million in
the first quarter of 2016 and $286 million in the second quarter of
2015.

GAAP and Non-GAAP R&D expense was $473 million compared to $437
million in the first quarter of 2016 and $491 million in the second
quarter of 2015.

GAAP SG&A expense was $492 million compared to $497 million in the
first quarter of 2016 and $492 million in the second quarter of 2015.

Non-GAAP SG&A expense was $489 million compared to $497 million in the
first quarter of 2016 and $492 million in the second quarter of 2015.

Other Financial Highlights

For the second quarter of 2016, the Company’s weighted average diluted
shares were 219 million.

As of June 30, 2016, Biogen had cash, cash equivalents and marketable
securities totaling approximately $7.3 billion, and $6.5 billion in
notes payable and other financing arrangements.

Share Repurchase Update

Biogen announced that its Board of Directors authorized a program to
repurchase up to $5 billion of the Company’s common stock. Biogen
currently expects that purchases will be executed over the next three
years. This share repurchase program is in addition to the approximately
1.3 million shares remaining under Biogen's February 2011 share
repurchase program, which has been used principally to offset common
stock issuances under the Company's share-based compensation plans.

2016 Financial Guidance

Biogen updated its full year 2016 financial guidance. This guidance
consists of the following components:

Revenue is expected to be approximately $11.2 to $11.4 billion.

GAAP and non-GAAP R&D expense is expected to be approximately 17% to
18% of total revenue.

GAAP and non-GAAP SG&A expense is expected to be approximately 16% to
17% of total revenue.

GAAP diluted EPS is expected to be between $18.10 and $18.40.

Non-GAAP diluted EPS is expected to be between $19.70 and $20.00.

This guidance includes contribution from our hemophilia business through
the end of the year, as we now anticipate the spin-off to complete in
early 2017. This guidance does not include any impact from potential
acquisitions or late-stage business development transactions.

Biogen may incur charges, realize gains or experience other events in
2016 that could cause actual results to vary from this guidance.

CEO Transition

Biogen today announced that George Scangos, its Chief Executive Officer,
will be leaving the Company in the coming months after a successor has
been identified. The Company will begin a search for his successor
immediately. Dr. Scangos has been at Biogen for six years and has led
the Company through a remarkable transformation. Under his leadership,
Biogen’s revenues, earnings and stock price all have increased
meaningfully and the Company has been transformed into a world-class
biopharmaceutical company.

Stelios Papadopoulos, Chairman of the Biogen Board of Directors,
remarked “George joined Biogen at a very challenging time. He
re-organized operations and he oversaw the enrichment of our product
pipeline and the launch of several products. In short, George did an
outstanding job and I believe he is leaving the Company well positioned
for success.”

“The past six years have been quite successful,” said Dr. Scangos. “We
have introduced six new products onto the market, increased our earnings
and revenues several fold, and transformed our R&D and commercial
organizations to world-class levels, joining our already industry
leading biologics manufacturing capabilities. We have brought several
potentially transformative compounds into later stage clinical
development and are in the process of adding to that pipeline even
further.”

“The Company has an exciting future and I am proud to have had a role in
helping Biogen improve the lives of so many patients today and so many
more in the future,” added Dr. Scangos. “This is the right time for a
new leader to take the reins and lead Biogen through its next stage of
development, and I look forward to returning to the West coast to take
on one more set of activities and spend more time with my family.”

The Board will immediately begin a search for a replacement, and will
consider both internal and external candidates. The Company expects the
transition to occur over a period of a few months, and in the interim,
Dr. Scangos will continue to serve as CEO.

Other Recent Events

In July 2016, the Marketing Authorization Application (MAA) for SB5,
an adalimumab biosimilar candidate referencing Humira®, was
accepted for review by the European Medicines Agency (EMA). The MAA
for SB5 is the third anti-TNF biosimilar candidate to be submitted to
the EMA by Samsung Bioepis, the joint venture between Samsung
BioLogics and Biogen. The approval of SB5 could make Biogen the first
company to commercialize three anti-TNF biosimilar therapies in Europe.

In July 2016, the Roche Group announced that the Phase 3 GOYA study
evaluating GAZYVA® plus CHOP chemotherapy in people with
previously untreated diffuse large B-cell lymphoma did not meet its
primary endpoint of significantly reducing the risk of disease
worsening or death (progression-free survival) compared to RITUXAN®
plus CHOP chemotherapy. In the U.S., Biogen shares operating profits
and losses relating to GAZYVA with Genentech, a Roche Group company.

In July 2016, Biogen and AbbVie announced that the European Commission
(EC) granted marketing authorization for ZINBRYTA for the treatment of
adult patients with relapsing forms of MS (RMS). ZINBRYTA is a
once-monthly, self-administered, subcutaneous treatment for RMS which
has demonstrated superior efficacy to AVONEX (interferon beta-1a).

In June 2016, the EC approved a variation to the marketing
authorization of TYSABRI, which extended its indication to include
relapsing-remitting multiple sclerosis patients with highly active
disease despite a full and adequate course of treatment with at least
one disease modifying therapy. TYSABRI was previously only indicated
for patients who had failed to respond to beta-interferon or
glatiramer acetate in the European Union (EU). This follows recent EC
approval for a new patient management plan including an updated risk
algorithm based on JC virus antibody index values.

In June 2016, the Roche Group announced that the EMA has validated the
company’s MAA of OCREVUS™ (ocrelizumab) for the treatment
of RMS and primary progressive multiple sclerosis (PPMS) in the EU.
The U.S. Food and Drug Administration (FDA) has also accepted for
review Genentech’s Biologics License Application for OCREVUS for the
treatment of RMS and PPMS, and has granted the application Priority
Review Designation with a targeted action date of 28 December 2016. If
approved for commercial sale, Biogen will receive tiered royalties on
sales of OCREVUS.

In June 2016, Biogen announced the appointment of Paul McKenzie,
Ph.D., as Executive Vice President, Pharmaceutical Operations &
Technology. Dr. McKenzie was previously Senior Vice President of
Global Biologics Manufacturing and Technical Operations. He replaces
John Cox, who was named Chief Executive Officer of the new Biogen
spin-off company.

In June 2016, Biogen reported top-line results from the Phase 2
SYNERGY study evaluating opicinumab (anti-LINGO-1), an
investigational, fully human monoclonal antibody being developed as a
potential neuroreparative therapy in people with RMS. In the study,
opicinumab missed the primary and secondary endpoints. However,
evidence of a clinical effect with a complex, unexpected dose-response
was observed. The Company continues to analyze results to determine
the appropriate next steps. The Company plans to present results from
the SYNERGY study at the 32nd Congress of the European
Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS)
in September 2016.

In June 2016, Biogen announced that aducanumab, its investigational
treatment for early Alzheimer’s disease, was accepted into the
PRIority MEdicines (PRIME) program of the EMA. PRIME aims to bring
treatments to patients faster by enhancing the EMA’s support for the
development of investigational medicines for diseases without
available treatment or in need of better treatment options.

In May 2016, Samsung Bioepis, the joint venture between Biogen and
Samsung BioLogics, received marketing authorization in the EU for
FLIXABI, an infliximab biosimilar referencing Remicade®.
FLIXABI is the second anti-TNF biosimilar to be manufactured and
commercialized by Biogen in the EU.

In May 2016, Biogen and AbbVie announced that the FDA approved
ZINBRYTA, a new once-monthly, self-administered, subcutaneous
treatment for RMS. According to the U.S. prescribing information,
because of its safety profile, the use of ZINBRYTA should generally be
reserved for patients who have had an inadequate response to two or
more therapies indicated for the treatment of MS.

In May 2016, the Roche Group announced that the Phase 3 GALLIUM study
met its primary endpoint early, demonstrating superior
progression-free survival for GAZYVA compared to RITUXAN in people
with previously untreated follicular lymphoma. Follicular lymphoma is
the most common type of indolent (slow-growing) non-Hodgkin lymphoma
(NHL) and accounts for approximately one in five cases of NHL. In the
U.S., Biogen shares operating profits and losses relating to GAZYVA
with Genentech, a Roche Group company.

In May 2016, Biogen announced a broad collaboration and alliance with
the University of Pennsylvania to advance gene therapy and gene
editing technologies, with a primary focus on the development of
therapeutic approaches that target the eye, skeletal muscle and the
central nervous system. Biogen will work with renowned gene therapy
experts, Dr. James Wilson and Dr. Jean Bennett.

In May 2016, Swedish Orphan Biovitrum AB (publ) (Sobi) and Biogen
announced that the EC approved ALPROLIX, an extended half-life
recombinant factor IX Fc fusion protein therapy for the treatment of
hemophilia B, in the EU.

In May 2016, Biogen announced its intent to spin off its hemophilia
business as an independent, publicly traded company. The new company
is expected to continue to commercialize ELOCTATE and ALPROLIX under
Biogen's existing collaboration agreement with Sobi, while continuing
to engage in ongoing research and development activities to develop
longer acting therapies utilizing XTEN® technology,
bispecific antibodies, and hemophilia-related gene therapy programs.

In April 2016, Biogen announced the appointment of Michael Ehlers,
M.D., Ph.D. as Executive Vice President, Research and Development. Dr.
Ehlers joins Biogen from Pfizer, where he served as Group Senior Vice
President for BioTherapeutics R&D and Chief Scientific Officer for the
company’s Neuroscience and Pain Research Unit.

Conference Call and Webcast

The Company's earnings conference call for the second quarter will be
broadcast via the internet at 8:30 a.m. EDT on July 21, 2016, and will
be accessible through the Investors section of Biogen’s homepage, www.biogen.com.
Supplemental information in the form of a slide presentation will also
be accessible at the same location on the internet at the time of the
conference call and will be subsequently available on the website for at
least one month.

About Biogen

Through cutting-edge science and medicine, Biogen discovers, develops
and delivers worldwide innovative therapies for people living with
serious neurological, autoimmune, and rare diseases. Founded in 1978,
Biogen is one of the world’s oldest independent biotechnology companies
and patients worldwide benefit from its leading multiple sclerosis and
innovative hemophilia therapies. For more information, please visit www.biogen.com.
Follow us on Twitter.

Safe Harbor

This press release contains forward-looking statements, including
statements relating to: Biogen’s commercial business; pipeline and
collaboration programs; clinical trials; anticipated data readouts, and
data presentations; our search for a new chief executive officer; share
repurchase plans; the intent to spin-off Biogen’s hemophilia business;
2016 financial guidance; and other financial matters. These
forward-looking statements may be accompanied by such words as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,”
“intend,” “may,” “plan,” “potential,” “project,” “target,” “will” and
other words and terms of similar meaning. You should not place undue
reliance on these statements.

These statements involve risks and uncertainties that could cause actual
results to differ materially from those reflected in such statements,
including: our dependence on sales from our principal products; failure
to compete effectively due to significant product competition in the
markets for our products; difficulties in obtaining and maintaining
adequate coverage, pricing and reimbursement for our products; risks
associated with current and potential future healthcare reforms; the
occurrence of adverse safety events, restrictions on use with our
products or product liability claims; failure to protect and enforce our
data, intellectual property and other proprietary rights and the risks
and uncertainties relating to intellectual property claims and
challenges; uncertainty of long-term success in developing, licensing or
acquiring other product candidates or additional indications for
existing products; risks associated with clinical trials, including our
ability to adequately manage clinical activities, unexpected concerns
that may arise from additional data or analysis obtained during clinical
trials, regulatory authorities may require additional information or
further studies or may fail to approve or may delay approval of our drug
candidates; the risk that positive results in a clinical trial may not
be replicated in subsequent or confirmatory trials or success in early
stage clinical trials may not be predictive of results in later stage or
large scale clinical trials or trials in other potential indications;
problems with our manufacturing processes; our dependence on
collaborators and other third parties for the development, regulatory
approval and commercialization of products and other aspects of our
business, which are outside of our control; risks relating to management
and key personnel changes; failure to successfully execute on our growth
initiatives; risks relating to the proposed spin-off of our hemophilia
business, including risks of completion and ability to achieve some or
all of the anticipated benefits; risks relating to technology failures
or breaches; failure to comply with legal and regulatory requirements;
risks related to indebtedness; the risks of doing business
internationally, including currency exchange rate fluctuations;
fluctuations in our effective tax rate; risks relating to investment in
and expansion of manufacturing capacity for future clinical and
commercial requirements; risks related to commercialization of
biosimilars; risks related to investment in properties; the market,
interest and credit risks associated with our portfolio of marketable
securities; risks relating to stock repurchase programs; risks relating
to access to capital and credit markets; environmental risks; risks
relating to the sale and distribution by third parties of counterfeit
versions of our products; risks relating to the use of social media for
our business; change in control provisions in certain of our
collaboration agreements; and the other risks and uncertainties that are
described in the Risk Factors section of our most recent annual or
quarterly report and in other reports we have filed with the SEC.

These statements are based on our current beliefs and expectations and
speak only as of the date of this press release. We do not undertake any
obligation to publicly update any forward-looking statements.

TABLE 1

BIOGEN INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF INCOME

(unaudited, in millions, except per share amounts)

For the Three MonthsEnded June 30,

For the Six MonthsEnded June 30,

2016

2015

2016

2015

Revenues:

Product, net

$

2,466.0

$

2,198.6

$

4,775.4

$

4,370.9

Revenues from anti-CD20 therapeutic programs

349.2

337.5

678.7

668.1

Other

79.0

55.6

166.9

107.6

Total revenues

2,894.2

2,591.6

5,621.0

5,146.6

Cost and expenses:

Cost of sales, excluding amortization of acquired intangible assets

370.3

286.1

683.3

598.6

Research and development

473.1

490.7

910.4

951.3

Selling, general and administrative

492.4

491.9

989.7

1,052.3

Amortization of acquired intangible assets

92.9

92.0

181.7

187.9

(Gain) loss on fair value remeasurement of contingent consideration

10.6

(2.2

)

12.9

5.6

Restructuring charges

—

—

9.7

—

Collaboration profit (loss) sharing

(5.6

)

—

(5.6

)

—

Total cost and expenses

1,433.7

1,358.5

2,782.1

2,795.6

Income from operations

1,460.5

1,233.1

2,838.9

2,351.0

Other income (expense), net

(58.5

)

(10.9

)

(111.3

)

(25.9

)

Income before income tax expense and equity in loss of investee, net
of tax

1,402.0

1,222.2

2,727.6

2,325.1

Income tax expense

353.6

292.5

710.0

574.4

Equity in loss of investee, net of tax

—

4.9

—

5.7

Net income

1,048.4

924.8

2,017.6

1,745.0

Net income (loss) attributable to noncontrolling interests, net of
tax

(1.4

)

(2.5

)

(3.1

)

(4.8

)

Net income attributable to Biogen Inc.

$

1,049.8

$

927.3

$

2,020.7

$

1,749.8

Net income per share:

Basic earnings per share attributable to Biogen Inc.

$

4.79

$

3.94

$

9.23

$

7.44

Diluted earnings per share attributable to Biogen Inc.

$

4.79

$

3.93

$

9.21

$

7.42

Weighted-average shares used in calculating:

Basic earnings per share attributable to Biogen Inc.

219.1

235.3

219.0

235.1

Diluted earnings per share attributable to Biogen Inc.

219.4

235.7

219.3

235.7

TABLE 2

BIOGEN INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in millions)

As of June 30,2016

As of December 31,2015

ASSETS

Cash, cash equivalents and marketable securities

$

3,796.8

$

3,428.5

Accounts receivable, net

1,293.0

1,227.0

Inventory

996.4

893.4

Other current assets

1,361.5

1,151.4

Total current assets

7,447.7

6,700.3

Marketable securities

3,477.6

2,760.4

Property, plant and equipment, net

2,301.8

2,187.6

Intangible assets, net

3,967.6

4,085.1

Goodwill

3,167.1

2,663.8

Investments and other assets

1,153.0

1,107.6

TOTAL ASSETS

$

21,514.8

$

19,504.8

LIABILITIES AND EQUITY

Current liabilities

$

2,516.2

$

2,577.7

Long-term notes payable and other financing arrangements

6,538.3

6,521.5

Other long-term liabilities

1,056.6

1,030.7

Equity

11,403.7

9,374.9

TOTAL LIABILITIES AND EQUITY

$

21,514.8

$

19,504.8

TABLE 3

BIOGEN INC. AND SUBSIDIARIES

GAAP TO NON-GAAP RECONCILIATION:

NET INCOME ATTRIBUTABLE TO BIOGEN INC. AND DILUTED EARNINGS PER
SHARE

(unaudited, in millions, except per share amounts)

An itemized reconciliation between diluted earnings per share on a
GAAP and Non-GAAP basis is as follows:

An itemized reconciliation between net income attributable to
Biogen Inc. on a GAAP and Non-GAAP basis is as follows:

For the Three Months Ended

June 30, 2016

March 31, 2016

June 30, 2015

GAAP net income attributable to Biogen Inc.

$

1,049.8

$

970.9

$

927.3

Adjustments:

Amortization of acquired intangible assets

89.6

85.7

86.8

(Gain) loss on fair value remeasurement of contingent consideration

10.6

2.3

(2.2

)

Hemophilia business separation costs

3.7

—

—

Business transformation / optimization:

2015 restructuring charges

—

9.7

—

Cambridge manufacturing facility rationalization costs1

15.8

—

—

Income tax effect related to reconciling items

(27.1

)

(19.2

)

(17.1

)

Non-GAAP net income attributable to Biogen Inc.

$

1,142.4

$

1,049.4

$

994.8

For the Six Months Ended

June 30, 2016

June 30, 2015

GAAP net income attributable to Biogen Inc.

$

2,020.7

$

1,749.8

Adjustments:

Amortization of acquired intangible assets

175.3

179.3

(Gain) loss on fair value remeasurement of contingent consideration

12.9

5.6

Hemophilia business separation costs

3.7

—

Business transformation / optimization:

2015 restructuring charges

9.7

—

Cambridge manufacturing facility rationalization costs1

15.8

—

Income tax effect related to reconciling items

(46.3

)

(39.7

)

Non-GAAP net income attributable to Biogen Inc.

$

2,191.8

$

1,895.0

2016 Full Year Guidance: GAAP to Non-GAAP Reconciliation

An itemized reconciliation between projected net income attributable to
Biogen Inc. and diluted earnings per share on a GAAP and Non-GAAP basis
is as follows:

$

Shares

Diluted EPS

Projected GAAP net income attributable to Biogen Inc.

$

3,990.2

218.7

$

18.25

Adjustments:

Amortization of acquired intangible assets

350.0

(Gain) loss on fair value remeasurement of contingent consideration

16.0

Hemophilia business separation costs

28.0

Business transformation / optimization:

2015 restructuring charges

10.0

Cambridge manufacturing facility rationalization costs1

40.0

Income tax effect related to reconciling items

(93.0

)

Projected Non-GAAP net income attributable to Biogen Inc.

$

4,341.2

218.7

$

19.85

1Cambridge manufacturing facility rationalization costs
reflect $15.8 million of additional depreciation expense included in
cost of sales, excluding amortization of acquired intangible assets in
our condensed consolidated statements of income for the three and six
months ended June 30, 2016. Full year Cambridge manufacturing facility
rationalization costs reflects approximately $40 million of additional
depreciation expected to be recognized during 2016.

Use of Non-GAAP Financial Measures

We supplement our consolidated financial statements presented on a GAAP
basis by providing additional measures which may be considered
“Non-GAAP” financial measures under applicable SEC rules. We believe
that the disclosure of these Non-GAAP financial measures provides
additional insight into the ongoing economics of our business and
reflects how we manage our business internally, set operational goals
and forms the basis of our management incentive programs. These Non-GAAP
financial measures are not in accordance with generally accepted
accounting principles in the United States and should not be viewed in
isolation or as a substitute for reported, or GAAP, net income
attributable to Biogen Inc. and diluted earnings per share.

Our “Non-GAAP net income attributable to Biogen Inc.” and “Non-GAAP
earnings per share - Diluted” financial measures exclude the following
items from "GAAP net income attributable to Biogen Inc." and "GAAP
earnings per share - Diluted":

1. Purchase accounting and merger-related
adjustments

We exclude certain purchase accounting related items associated with the
acquisition of businesses, assets and amounts in relation to the
consolidation of variable interest entities for which we are the primary
beneficiary. These adjustments include charges for in-process research
and development, the amortization of certain acquired intangible assets
and fair value remeasurement of our contingent consideration obligations.

2. Hemophilia business separation costs

We have excluded costs that are directly associated with the proposed
separation of our hemophilia business into an independent,
publicly-traded company. These costs represent incremental third party
costs attributable solely to hemophilia separation activities.

3. Business transformation / optimization

We exclude costs associated with the company’s execution of certain
strategies and initiatives to streamline operations, achieve targeted
cost reductions, rationalize manufacturing facilities or refocus R&D
activities. These costs may include employee separation costs, retention
bonuses, facility closing and exit costs, asset impairment charges or
additional depreciation when the expected useful life of certain assets
have been shortened due to the changes in anticipated usage, and other
costs that management believes do not have a direct correlation to our
on-going or future business operations.

4. Other items

We evaluate other items of income and expense on an individual basis,
and consider both the quantitative and qualitative aspects of the item,
including (i) its size and nature, (ii) whether or not it relates to our
ongoing business operations, and (iii) whether or not we expect it to
occur as part of our normal business on a regular basis. We also include
an adjustment to reflect the related tax effect of all reconciling items
within our reconciliation of our GAAP to Non-GAAP net income
attributable to Biogen Inc.

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